Personal lines insurer National General Holdings Corp. (NGHC) will begin offering private flood insurance in Florida later this summer after its acquisition of Syndeste LLC, an insurance technology company.
National General will initially launch the product in the third quarter for its residential and commercial consumers, starting in Florida. It will expand the product throughout United States with New Jersey planned as its next state to enter.
The company plans to offer multiple admitted and non-admitted private flood insurance products based on Syndeste’s underwriting technology and through partnering with reinsurers as the product is rolled out.
Syndeste specializes in targeting consumers seeking flood coverage and leveraging hyper-local risk data to underwrite flood insurance. It’s data and analytics provides insurance agents with educational and marketing tools personalized to their customers.
National General previously only offered flood coverage through the federal National Flood Insurance Program.
Syndeste is an insurance technology company focused on the flood insurance market using comprehensive data and analytics. Their platform, Beyond Floods, provides pricing, underwriting, and marketing tools for all U.S. states and territories by leveraging high resolution property- and structure- level flood risk insights
National General Holdings Corp., headquartered in New York City, is a specialty personal lines insurance holding company providing personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, supplemental health, and other niche insurance products.
Topics InsurTech Mergers & Acquisitions Florida Flood Tech New Markets
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